Currys said it would launch a £50m share buyback after it posted a jump in profit and shrugged off a wider market slowdown by expanding its offerings and cutting its cost base through redundancies. The tech retailer said its UK and Ireland revenue ticked up three per cent to £5.4bn
Maisie Grice
Thursday 02 July 2026 8:55 am
Currys said it would launch a £50m share buyback after it posted a jump in profit and shrugged off a wider market slowdown by expanding its offerings and cutting its cost base through redundancies.
The tech retailer said its UK and Ireland revenue ticked up three per cent to £5.4bn and “outperformed the market” following the launch of new gaming devices and computing products.
Growth was slightly impacted by a weakness in consumer electronics, where a “soft” TV market weighed on sales.
Profit before tax hit £153m, which was curtailed by higher restructuring costs including £16m on redundancies in the UK and Ireland.
In the Nordics, revenue increased 12 per cent, after customers returned to stores following “easing inflation and interest rates” across most of the region.
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The board proposed a higher final dividend of 2.2p per share, bringing the full year dividend to 3p.
Last month, Currys named the boss of its Nordics business, Fredrik Tønnesen, as its new group chief executive, succeeding Alex Baldock.
Baldock, chief executive for eight years and the architect of Currys’ turnaround, will leave the firm on August 31 and will become chief executive of health and beauty retailer Boots’ in the autumn.
“AI is the most exciting product cycle seen since the tablet in 2010, and possibly a lot longer than that,” Baldock said in a statement.
“But this goes well beyond computers. AI is coming to every category we sell, from televisions to home appliances.”
Shares declined 1.7 per cent in early trading to 161.9p, but are up 27.7 per cent since January.
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The group’s omnichannel strategy, which merges its physical and online presence, accounted for 33 per cent of total revenue in the UK. Baldock named it the retailer’s “winning approach”.
The FTSE 250 group also expanded offerings across its core electrical base, including in mobile, with Currys also holding 75 per cent of the UK market share for AI enabled laptops, accounting for nearly a quarter of total laptop sales.
Currys grew its repair offerings in order to attract and retain customers, carrying out 1.6m repairs in the financial year as well as securing 11.6m warranty plans on items purchased.
Credit sales climbed 10 per cent to £1.2bn, while mobile ID subscribers jumped 18 per cent to 2.6m.
Garry White, investment commentator at Raymond James, said: “The performance is particularly encouraging given the challenging backdrop for consumer spending, suggesting that Currys’ focus on services, mobile, repairs and business-to-business revenues is helping to make the business more resilient and less dependent on product sales alone.”
“Clear tailwinds”
The group confirmed it would commence a £50m share buyback programme, which is anticipated to be completed this financial year.
Currys will also use an additional £40m of shares purchased to give directly to staff as part of pay packets or as bonuses.
Wayne Brown, analyst at Panmure Liberum, said: “There remain clear drivers for continued growth.
“Expansion into new categories is increasing the addressable market… ID Mobile growth has been phenomenal, and the replacement cycle, alongside AI-led technology upgrades, is supporting volumes.
“Overall, the group now has clear tailwinds and the shares should continue to perform well.”
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